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Frugal Habits of the Wealthy

Kim Molitor of Windward Wealth Strategies talked about what she’s learned about spending and saving money in a recent Women Magazine article, The frugal spending habits of the wealthy(p. 28-29). The article discusses the common habits of wealthy people—habits that helped them build their wealth.

“Wealthy people take charge of their finances,” adds Molitor. “They educate themselves, budget expenses, have a savings plan and with money left over, they consciously spend on items most important to them.”

In the article, she outlines three steps to developing a plan to build wealth and offers advice on how to combat those daily spending habits—like ordering morning lattes—that could eat your potential savings in the long run. Most wealthy individuals didn’t get rich quick, Kim says. Rather, they spend, save and invest wisely.

Read more about how small habits can have big returns.